The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized by the Company:


	June 30, 2026
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	26,910	$	26,910	$	—	$	—
Marketable debt securities:

Government securities	441,687		—		441,687		—
Marketable equity securities	78,637		78,637		—		—
Total financial assets	$	547,234	$	105,547	$	441,687	$	—


	December 31, 2025
	Total Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents:
Money market funds	$	35,565	$	35,565	$	—	$	—
Marketable debt securities:
Corporate securities	11,968		—		11,968		—
Government securities	544,792		—		544,792		—
Marketable equity securities	112,502		112,502		—		—
Total financial assets	$	704,827	$	148,067	$	556,760	$	—